Financing Plastic Surgery: Do’s & Don’ts
Plastic surgery often involves fairly large lump payments, which can be off-putting. But did you know that there are actually some very reasonable financing options out there?
Although these can be extremely helpful, especially when you’re signing up for multiple procedures at the same time, there are a few things worth keeping in mind when you weigh the various plans available. Here are a few of our biggest do’s and don’ts:
- Your research.There are loads of companies that offer financing for plastic surgery. Interest rates and terms can vary widely, so it’s crucial that you don’t simply pick the first one you come across. Dr. Siegel recommends Care Credit, United Medical Credit, and American Healthcare Lending. The first one in particular is worth a look, as in some cases it offers no-interest or low-interest financing.
- Discuss financing with your plastic surgeon before going ahead with the procedure.In general it’s a good idea to choose a surgeon before you apply for financing. Your surgeon can advise you on a plan that fits your situation, and work with you to determine the likely overall cost of your procedures. Some clinics are much more helpful in this respect than others.
- Check if you’re covered by insurance.Some reconstructive procedures, such as functional rhinoplasty and eyelid lifts, may be deemed medically necessary and therefore covered by your insurance provider. It’s worth having a look at your insurance plan and seeing what you’re entitled to!
- Spend beyond your means.Although the plans offered by Care Credit and others are very reasonable by insurance standards, make sure you can meet your repayment obligations each month. You should make an allowance for unexpected expenses when figuring out whether you can afford a given scheme, because it’s when you start to miss repayments that things can get messy. Try not to rely too much on everything going exactly to plan; you might need to take more time off work than you originally expected, for instance.
- Try to get multiple loans from different companies.The amount of credit you’re eligible for depends on your credit rating. If you have a less-than-perfect rating, you might be tempted to apply for several smaller loans at different places to get around it. But this is usually a bad idea, because each time you get a loan, your credit rating goes down even further until that loan gets paid back. For that reason, it becomes less likely that a second loan would be approved. (This system actually protects you from getting in over your head in debt!)
- Insist on killing two birds with one stone.Even if you’re considering multiple procedures, you don’t necessarily have to get them all done at once. It’s perfectly reasonable to tick off the most important one, get it paid off, and then move on to the others.
Dr. Siegel prides himself on his friendly, approachable manner, and he’s always happy to help with questions about financing. Contact him today to find out more!